Consumer Financial Protection Accountability and Reform Act of 2026

1022A. Enhanced review of regulations

(a) Review of major rules or orders

(1) Review authority. Notwithstanding any other provision of law, a review of major rules or orders shall be conducted by the OMB Director.

(2) Timing of review

(A) In general. With respect to any major rule or order for which compliance with such rule or order is required on or after the date of the enactment of this section, the OMB Director shall conduct a review of such rule or order not later than 8 years after the first date on which compliance with such rule or order is required.

(B) Retrospective review. With respect to any major rule or order in effect for which compliance with such rule or order is required before the date of the enactment of this section, the OMB Director shall conduct a review of such rule or order not later than 8 years after the date of the enactment of this section.

(3) Scope of review. In conducting a review under this subsection, the OMB Director shall—

(A) evaluate the costs and benefits of the rule, including—

(i) compliance costs for covered persons and service providers;

(ii) the extent to which the rule achieved the objectives of the rule;

(iii) changes in technology, the emergence of new market entrants, and other market developments since the rule was issued;

(iv) impacts on competition, innovation, and risk-based pricing;

(v) operational impacts on covered persons and service providers;

(vi) any unintended consequences affecting consumer choice or access to credit; and

(vii) whether any dollar, volume, or other thresholds appropriately tailor burdens to entity size; and

(B) consider the purposes, objectives, and functions of the Bureau under section 1021.

(4) Public input and agency response

(A) Request for information. Prior to completing the review, the OMB Director shall seek public comment for not less than 90 days on the factors described in paragraph (3).

(B) Agency response. Not later than 120 days after the close of the comment period, the Bureau shall provide a written response to the OMB Director addressing relevant comments received.

(C) Interagency consultation

(i) In general. In conducting a review under this subsection, the OMB Director shall consult with—

(I) the Board of Governors of the Federal Reserve System;

(II) the Federal Deposit Insurance Corporation;

(III) the Office of the Comptroller of the Currency;

(IV) the Federal Trade Commission;

(V) if the Bureau conducted a small business review panel for the major rule or order, the Small Business Administration; and

(VI) any other agency that the OMB Director determines relevant to the major rule or order.

(ii) Public access to topics discussed. After consulting with the agencies pursuant to clause (i), the OMB Director shall publish on a public website a document which describes the topics discussed during such consultations.

(5) Outcome of review. If the OMB Director determines that a major rule or order, in whole or in part, fails to demonstrate net benefits under the review required under this subsection—

(A) the Bureau shall, not later than 1 year after such determination, issue a notice of proposed rulemaking to amend or repeal the rule or order; or

(B) the Bureau may petition the OMB Director for a single extension of up to 18 months, if the rule requires an analysis under chapter 6 of title 5, United States Code.

(b) Review of non-Major rules

(1) In general. The OMB Director shall review any non-major rules issued by the Bureau not later than 10 years after the first compliance date for each such rule.

(2) Procedures. Not later than 1 year after the date of the enactment of this section, the OMB Director shall issue rules that establish the procedure for the review of non-major rules.

(c) Exclusion of rules in which Bureau exercised no material discretion

(1) In general. Any rule or order for which the Bureau has not exercised any material discretion pursuant to a statutory requirement, as determined by the OMB Director, shall be exempt from any review described under this section.

(2) Public input. Beginning on the date that is 1 year after the date of the enactment of this section, and every 2 years thereafter, the OMB Director shall—

(A) seek public input on the determination described in paragraph (1); and

(B) publish on a public website a list of rules or orders exempt from review pursuant to this subsection.

(d) Severability guidance. Not later than 1 year after the date of the enactment of this section, the OMB Director shall issue guidance on how portions of rules may be considered severable between a major rule, a non-major rule, and an excluded rule described in subsection (c), for purposes determining if and how a rule will be reviewed, including whether separate analyses will be conducted for severable provisions.

(e) Postponement of review of significantly amended rules and orders

(1) In general. The OMB Director may postpone any review under this section by not later than 3 years if the OMB Director determines that a rule or order has been significantly amended by the Bureau during the period described—

(A) in subsection (a)(2), with respect to major rules or orders; and

(B) in (b)(1), with respect to non-major rules.

(2) Public comment. The OMB Director shall seek public comments in making a determination pursuant to paragraph (1).

(f) Publication of review calendar. Not later than 180 days after the date of the enactment of this section, and every 6 months thereafter, the OMB Director shall publish in the Federal Register and on a publicly accessible website a schedule of anticipated reviews under this section for the succeeding 2-year period.

(g) Rule of construction. Nothing in this section shall be construed to limit the authority of the Bureau to amend or repeal any rule at any time under other provisions of law.

(h) Authority To issue implementing regulations. The OMB Director is authorized to promulgate such rules and regulations as are necessary to carry out the provisions of this section.

(i) Definitions. In this section:

(1) Key performance indicator. The term key performance indicator means an objective, measurable outcome metric identified by the Bureau for the purpose of assessing whether a rule achieves the rule’s intended statutory and regulatory objectives.

(2) Major rule. The term major rule has the meaning given that term in section 804 of title 5, United States Code.

(3) OMB Director. The term OMB Director means the Director of the Office of Management and Budget.